Kerrisdale Report response from Globalstar

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A conference call has been utilised to deal with allegations made against Globalstar by Kerrisdale Capital. John Dooley, Jarvinian’s managing director, and founder Jay Monroe, the company’s CEO, both embarked on a refutation of current allegations against the value of the imminent TLPS (Terrestrial Low Power Service) operated by Globalstar, and against the business model.

The equity of Globalstar was labelled “worthless” by Kerrisdale in a research study numbering 67 pages which claims at the start “it takes little more than a rudimentary understanding of wireless communications to realize that”. The stock of Globalstar has gone through uncertainty recently after reports that Kerrisdale was about to unveil a short position. It did this, combined with an associated proposition and demonstration. After the share value sharply dropped as a result of the Kerrisdale study the stock of the company experienced a minor increase form the demonstration. Monroe’s response was a rebuttal of strong words comprising an accusation that the investments management company sought a malicious take-down of the company and its investors.

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